Business
Sintana Energy Announces Major Oil Discoveries and Strategic Partnerships
(NewsDirect) Sintana Energy CEO Robert Bose joined Steve Darling from Proactive to detail...
About this update from Sintana Energy Inc.
[{"type":"text","content":"Sintana Energy Announces Major Oil Discoveries and Strategic Partnerships\n \n \n (NewsDirect)\n \n \n \n \n Sintana Energy CEO Robert Bose joined\nSteve Darling from Proactive to detailed the outcomes of their\nexploration campaign in Namibia, highlighting the discovery of oil\nacross multiple horizons in the Mopane wells, with one well testing at\na flow rate of 14,000 barrels per day. The estimated reserves exceed\n10 billion barrels, positioning Mopane among the largest oil\ndiscoveries globally in recent decades. Bose also discussed the\nenhanced visibility and investor interest following these discoveries,\nnoting a rise in trading volumes and stock response.\n \n \n The company also revealed that Chevron\nNamibia Exploration, an affiliate of Chevron Corp., has entered into\nan agreement to join Petroleum Exploration License 82 (PEL 82). Under\nthe agreement, Chevron assumes an 80% working interest and\noperatorship, while NAMCOR and Custos Energy each retain a 10% carried\ninterest in PEL 82. Sintana, with an indirect 49% interest in Custos,\nmaintains a strategic position within the license.\n \n \n Bose emphasized the expanding partnership\nwith Chevron as a testament to the quality of Sintana's Namibian\nportfolio, highlighting the timeliness of the entry into PEL 82 and\nthe portfolio's unmatched potential as Namibia emerges as a\nsignificant hydrocarbon province.\n \n \n Additionally, Sintana has entered into a definitive agreement\nwith Crown Energy for the acquisition of up to 67% of Giraffe Energy\nand its 33% interest in Petroleum Exploration License 79 (PEL 79).\nThis acquisition provides Sintana with an attractive entry into a\nhigh-impact license with substantial upside potential, further\nexpanding its exposure to Namibia's Orange Basin, which is gaining\nrecognition as a prominent hydrocarbon province.\n \n \n PEL 79 presents\na unique opportunity for Sintana, as it is one of the last remaining\nlicenses not operated by a private operator. The acquisition\nunderscores Sintana's commitment to strategically positioning\nitself in promising exploration areas, poised for significant growth\nand value creation.\n \n \n \n Contact Details\n \n \n \n Proactive\nCanada\n \n \n +1 604-688-8158\n \n \n \n [email protected]\n \n \n \n Copyright (c) 2024 TheNewswire - All rights reserved.\n \n \n","length":2...